The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-06-25
Wild and WICKED WHEAT
THE CORNER BUMPS BUSINESS
EXTENSIVELY,
But the Country In no Distressing
Danger OF o Direfal
Collapse.
PROSPECTS FAVOR A SQUEEZE
FOR A FEW DAYS.
The Weekly Review OF Trade,
as Compiled by Messrs.
II. q. Dun & Co.

NKw YORK, June 24-R. g. Dun &
Co., in their weekly review OF trade,
say; The failure of the Fidelity Bank
Of Cincinnati, with such evidences of
rottenness and fraud that three officials
have been locked up on criminal
charges, is the natural fruit of the
wheat corner, but has disturbed BUSH
ness during the past week quite ex-
tensively. The prospect that deposi.
tors may recover nothing; that more
than eighty banks which deposited
there have losses to bear, and that the
fraudulent re.hypothecation OF col
laterals for loans will entangle the
resources Of many who had nothing to
do with the wheat operation, makes
the disturbance felt In many QuaIteIf.
These events Justify the precautions
advised for weeks past In this review,
with respect to the probable failure Of
the wheat corner and Its conse-
guences.
With drawal of funds from New
York to meet i'm mediate needs ut the
Weet nas caused temporary stringency
here, which spectators have msgni-
led. But foreign exchange is 30 near
the shipping point, and the supply Of
unused funds abroad is 90 large, that
relief would come quickly If needs
here should become serious. More
over, arge disbursements by the treas
ury in July are now close at hand. In
ha t yearly settlements, ia the strug-
gle 10 Hsuidate enormous specu q.
tions, and in preparation for Summer
dullness, however, there may be some
pressure for money during the remain.
ing days of June. At nearly ell other
points money is reported in good
supply.
General reports OF business at near
ly all points are highly encouraging,
and the increasing prospect of good
crops adds to the prevailing conf
dence. Collections are generally fair
or good, and the volume OF business
large for the season. The dry goods
trade is comparatively inactive, as
usual at this period, but considerable
movement after July LIST is anticipated.
Mems wooden goods are decidedly
dull, but in drees goods and fanDels
the trade is fair. Cottons are un-
changed in the main, but print cloths
are quoted at So rs with largo sales.
The liquidation in cotton proceeds
slowly, but prices have declined DC for
the week. Wheat has fallen about
cents though a partial corner in June
still makes quotations here cents or
more above those for July. Pork pro-
ducts yield little, though still held at
Chicago above the level elsewhere.
In the stock market liquidation has
been the feature. Distrust of parties
thought to be even remotely connect
ed with the Cincinnati speculation is
obvious and there is less confidence as
to the effects of the interstate act.
Heavy increase in shipments by lake
and canal is reported and enforcement
Of the law threatens to stop manufAc.
turing and mining at numerous points.
Under all the circumstances, the
strength of the market is surprising,
especially when it is remembered that
new securities for several hundred
millions have been listed this year.
The iron market was the outcome
Of labor contests. Railroad building
seems to have been checked a little,
bat the present demand for most iron
and steel products seems better. Other
labor contests are disappearing. Rsal
estate at the West is still unusually
active, and though the bloom is of
the boom, so to sresk, no Visible re-
action in prices is to be expected at
present.
The business failures during the
last seveu days number for the United
States, III; for Canada, 20. Total,
1877, as compared with 2lS last week
and 1862 the week previous in the cor.
responding week of last year.